Comment by larsiusprime

Well Mamdani's pied-a-tierre tax was specifically a real estate tax, levied on the real estate of people who don't have residency in the city. It's a marginal tax in the grand scheme of things, but unlike the billionaire wealth tax, it actually works, because the real estate can't move. And the owners can't just threaten to leave because they've already left, that's why the tax hits them.